Noida, 14th November, 2025: In a major relief for Sikka Group, the Noida Authority has paved the way for the long-stalled “Sikka Karnam Greens” project in Sector 143B to move forward. After the company initiated the process of mortgaging 111 unsold units (flats and shops) worth ₹252 crore as security to clear its dues, the Authority has given in-principle approval for the project to avail benefits under its rehabilitation policy.
According to officials, to make the relief effective, the builder will have to withdraw its pending amendment petition from the state government. The move is being seen as a positive step towards reviving stalled projects through cooperation between the Authority and developers.
The “Karnam Greens” project by Sikka Group had already received partial occupancy certificates for three towers earlier. However, due to financial hurdles, the project came to a standstill. Showing accountability, the company began the process of clearing dues by mortgaging its unsold flats and shops. In March 2024, it also initiated efforts to raise funds through the SWAMIH Fund.
The approval granted under the Authority’s Legacy Stalled Project Policy serves as a precedent for other projects aiming to move forward in the interest of homebuyers despite challenges. The policy allows developers to pay 25% of total dues immediately and the remaining 75% over two years.
Spread across about 9 acres, the “Karnam Greens” project comprises 1,351 units, of which 749 have already been completed. Following the approval, the remaining construction work is expected to gain momentum. Sikka Group stated that it remains fully committed to completing all its projects on time and maintaining the trust of its homebuyers.
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